Global Fast Attack Craft Market 2017-2021
About Fast Attack Craft
FAC are small, fast, agile, and attack-capable warships, which are armed with anti-ship missiles, guns, or torpedoes. FAC are generally operated in the coastal regions as they lack the defensive capabilities to survive in the blue waters. The major benefit of such ships over other warships is their affordability and speed. These boats, when armed with guided missiles, are capable of posing threats to even large capital ships.
Technavio’s analysts forecast the global fast attack craft market to grow at a CAGR of 2.14% during the period 2017-2021.Covered in this report
The report covers the present scenario and the growth prospects of the global fast attack craft market for 2017-2021. To calculate the market size, the report presents the market landscape and a corresponding detailed analysis of the five major vendors operating in the market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Fast Attack Craft Market 2017-2021
Technavio recognizes the following companies as the key players in the global fast attack craft market: BAE Systems, Damen Shipyards Group, Fincantieri, Goa Shipyard Limited (GSL), and Navantia.
Other Prominent Vendors in the market are: China Shipbuilding and Offshore Company, CMN Group, Garden Reach Shipbuilders and Engineers, Hanjin Heavy Industries & Construction, and Lürssen.
Commenting on the report, an analyst from Technavio’s team said: “One trend in market is advanced naval warfare systems. The advent of new technologies and rise in investments have resulted in the evolution of many advanced warfare systems such as virtual fence, underwater acoustic weapons, fences, electro-optic detection systems, multi-static anti- submarine warfare capability enhancement (MACE), and integrated security system. These systems enhance safety and efficiency in naval operations, which are vital for warships and FAC. Integration of advanced radar systems, electro-optic/infrared (EO/IR) technologies, and underwater weapons in combat ships reduces the workload of the naval crew and assures the availability of essential maritime information with enhanced protection. Such automated systems, within the naval vessels, will add a new dimension to maritime warfare.”
According to the report, one driver in market is increased seaborne dominance. Many countries are modernizing their naval defense units by manufacturing and procuring a number of warships. The increase in the number of these assets will simultaneously boost the global development of naval vessels and enable greater dominance of the defense authorities overseas and oceans. The US Navy has played an integral part in the national strategy of the country, which is surrounded by seas on two ends. Over the years, the country has strengthened its naval combat capabilities through the development of several classes of advanced naval vessels. Driven by the race of attaining military supremacy, the PLA Navy, China, is modernizing their naval fleets and deploying them in the South China Sea and in the Western Pacific region, which is posing a potential warfare threat. The PLA Navy is also focusing on developing a multifunctional and efficient maritime combat force to provide offshore water defense and open sea protection in tandem. China is also developing a missile-armed FAC and a significant number of cutter ships for the China Coast Guard, a paramilitary service that helps in asserting and defending China’s maritime territorial claims in the East and South China Seas.
Further, the report states that one challenge in market is issues related to maintenance of vessels. Naval vessels are an effective solution for maritime security requirements and maintenance of naval vessels assist in their effective operation over their lifetime. However, maintenance of naval vessels has remained one of the challenges for several developing countries as they acquire such vessels from foreign countries and the number of such purchases is small. Since many countries lack the resources (spare parts and components) to develop such ships in their territories, they generally outsource the maintenance of the FAC, which is sometimes expensive. Moreover, the unavailability of spares and maintenance capability make cannibalization and unseaworthiness highly probable.
BAE Systems, Damen Shipyards Group, Fincantieri, Goa Shipyard Limited (GSL), Navantia, China Shipbuilding and Offshore Company, CMN Group, Garden Reach Shipbuilders and Engineers, Hanjin Heavy Industries & Construction, Lürssen.